Monday, June 13, 2011

Market Summary -- 13th Jun 11

FTSE STI closed 3,059.04, down 19.31 points or -0.63% with a total volume of 1.03b and a total value of S$1.17b.  Total number of advance vs decline was 90 vs 370.  Of the 30 component index stocks, 3 closed positive, 20 closed negative and 7 remained unchanged.  The 3 gainer component stocks were :-

1. JSH 500US$  +0.080
2. GLP  +0.030
3. ComfortDelGro  +0.010

The top 5 loser component stocks were :-

1. Jardine C&C  -0.300
2. JMH 400US$  -0.260
3. CityDev  -0.220
4. DBS  -0.180
5. SGX  -0.090

US markets fell at least 1% last Friday as worries on slow economy growth weighed on investors.  Asian bourses taking the cue were mostly down for the day.  Nikkei closed -0.70%, SSE -0.18% and HSI +0.39%.  STI fell 0.63% in line with other regional bourses with only 3 of the index stocks managed to register positive closing.  Bank and Property stocks were under selling pressure with concern of oversupply of properties which in turn hurt banks' revenue.  Investors are awaiting for tomorrow China inflation data.  Most expected to be slightly higher than previous month and China Central Bank will do one more rate hike as it tries to bring inflation under control.  European bourses after last Friday selling down were flat as they are awaiting for the outcome of Greece second bailout.  Will a compromise solution be met between ECB and Germany with the bailout ?

STI at the moment is supported at 3,040 with resistance cap at 3,120.  Should 3,040 be able to hold up within these 2 weeks, market should have bottomed and posed for a rebound.

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